US Sanctions Crypto Exchanges for Laundering Billions for Iran
The Trump administration has imposed sanctions on a multinational network of crypto exchanges accused of laundering billions of dollars for Iran's military. The move targets Shelbit Exchange, based in the United Arab Emirates, which allegedly runs money through a large gambling website on behalf of the Iranian government.
Treasury Secretary Scott Bessent said Iran uses a complex network of corporate entities to obscure the origin of the funds and launder money to benefit the Islamic Revolutionary Guard Corps. The administration claims this is part of 'Economic Fury' operations targeting Iran's funding network.
The sanctions also target Aban Tether, an Iran-based crypto exchange, for processing Iranian assets through other exchanges in the UAE, Republic of Georgia, and Poland.